United News of Bangladesh

India’s plans to double steel production by the end of the decade could jeopardize its national climate goals and a key global target to reduce planet-heating gas emissions from the steel industry, according to a report released Tuesday. The report by Global Energy Monitor, an organization that tracks energy projects around the globe, said efforts to decarbonize steelmaking are gaining traction around the world. However, in India, which is the world's second largest steel-producing nation, overwhelming reliance on coal-based technologies presents a big challenge. “India is now the bellwether of global steel decarbonization,” said Astrid Grigsby-Schulte, project manager of the Global Iron and Steel Tracker at GEM and report co-author. “If the country does not increase its plans for green steel production, the entire sector will miss an important milestone. So goes India, so goes the world.” Currently, up to 12% of India’s greenhouse gas emissions, which go into the atmosphere and heat the planet, come from steelmaking. That number could double in five years if steel is produced in line with the government’s plans, according to the report. At the same time, India wants to produce 500 gigawatts of clean power — enough to power nearly 300 million Indian homes — by the end of this decade. The South Asian nation recently crossed the milestone of installing 100 gigawatts of solar power, most of which was installed in the last 10 years. Qatar Airways reports earning a $2.15 billion profit in its last fiscal year, a record for carrier By 2070, India also aims to go net zero, that is, it will either eliminate all carbon dioxide pollution it emits or cancel it out by using other methods, such as planting trees that absorb carbon. Steel production is one of the most carbon polluting industries, responsible for nearly 9% of global greenhouse gas emissions. The International Energy Agency has set a target for 37% of global steelmaking capacity to rely on lower-emission electric arc furnaces by 2030. Current projections by GEM show the world reaching just 36% — a shortfall largely due to India’s coal-heavy pipeline. India plans to expand its steel production capacity from 200 million to over 330 million tonnes per year by 2030. According to the new data, over 40% of global capacity in development — about 352 million tonnes per annum — is in India, with more than half of that using coal-based capacity. “India is the only major steel-producing nation that has so much coal-based capacity in the pipeline,” said Henna Khadeeja, a research analyst with GEM who also worked on the report. India’s steel sector releases approximately 2.6 tons of carbon dioxide per ton of steel, roughly 25% more than the global average. China, the world’s largest steelmaker, has managed to keep its emissions lower per ton by producing more scrap-based steel and retiring older coal-based plants. India’s heavy dependence on coal for steelmaking is driven by a combination of factors: low-cost domestic coal, a relatively young fleet of blast furnaces that still have 20–25 years of operational life left, and a lack of natural gas and steel scrap. The country’s scrap recycling ecosystem remains informal, and high-quality iron ore is scarce. “There is potential for India to change course,” said Khadeeja of GEM. “Much of the planned capacity is still on paper. Only 8% of it has actually broken ground. This means there is still a window to shift toward lower-emission technologies.” Trump’s tariffs may mean Walmart shoppers pay more, his treasury chief acknowledges The consequences of producing carbon polluting steel may go beyond climate goals. While India’s steel exports are only a small share of its overall production, they could suffer as major markets like the European Union begin enforcing carbon border taxes next year. “India may be better off tolerating some short-term pain of technological upgrading to make its steel cleaner for long-term competitiveness gain,” said Easwaran Narassimhan of the New Delhi-based think tank Sustainable Futures Collaborative.

The auction for the 6th government investment Sukuk (Islamic bond) of Bangladesh was held at the Debt Management Department of Bangladesh Bank’s Head Office on Monday. This Sukuk has been issued to fund the "Widening and Strengthening of Important Upazila and Union Roads in Rajshahi Division Project" and is a seven-year Ijara Sukuk (lease-based Islamic bond) with an annual rental yield of 10.50 percent. The total issue size was Tk 2,000 crore. Investors submitted bids totaling Tk 8,347.609 crore, more than 4.17 times the announced amount, resulting in allocating to investors on a pro-rata basis. This marks the sixth Sukuk issuance by the government. Over the past few years, the government has raised a total of Tk 22,000 crore through five earlier Sukuk issues. These instruments allow the government to tap into Shariah-compliant liquidity held by Islamic banks and financial institutions for development projects. Bangladesh Bank to issue Tk 3,000 crore ‘Sukuk’ bond The Sukuk programme has not only offered an Islamic investment alternative to institutions, but also opened up Shariah-compliant investment opportunities for individual investors in a Muslim-majority country like Bangladesh. Banks and financial institutions can use their acquired Sukuk as Statutory Liquidity Ratio (SLR) instruments. Moreover, Islamic banks and Islamic windows of conventional banks may use them as collateral to obtain Islamic Liquidity Support (ILS) from Bangladesh Bank. Although the primary auction was limited to Islamic banks or financial institutions, Islamic branches or windows of conventional banks, individuals, and provident funds, these Sukuk will be tradable in the secondary market, making them accessible to all scheduled banks, financial institutions, insurance companies, individuals, and other institutional investors. Unprecedented Retail Participation Notably, the sixth Sukuk saw unprecedented participation from individual and provident fund investors, with 139 successful applications totaling around Tk 350 crore, accounting for 17.50 percent of the issued amount. By comparison, the total participation from this category in all previous five Sukuk issues was only Tk 307.28 crore across 77 applications, representing just 1.40 percent of the total Tk 22,000 crore issued earlier. BSEC forms committee to probe into Beximco’s sukuk bonds Meanwhile, Islamic branches or windows of conventional banks submitted bids nearly 18 times their allocated quota, indicating a strong appetite for Shariah-compliant investments. This sixth Sovereign Sukuk issuance is expected to play a positive role in improving the socio-economic conditions of the project areas in Rajshahi Division.

The holding company that owns Qatar Airways reported Monday it earned a $2.15 billion profit in its last fiscal year, its highest-ever profit off the back of record passenger numbers as global aviation bounces back after the coronavirus pandemic. The state-owned carrier reported revenues of $23.4 billion overall in the results, up from $22.1 billion the year before. Its fiscal year profits in the prior reporting period were $1.6 billion. “These record-breaking results are a testament to the hard work, skill and dedication of teams across all of Qatar Airways Group," said group CEO Badr Mohammed al-Meer in a statement. Qatar Airways, along with Abu Dhabi-based Emirates and Dubai's Emirates, are long-haul carriers that link East-West travel. Their location on the Arabian Peninsula between Europe and Asia have made them a key link in global transit. Qatar Airways also got a boost when the small, energy-rich nation hosted soccer's 2022 FIFA World Cup. Qatar Airways reported carrying 43.1 million passengers, up from the prior financial year's 40 million. Its fleet includes over 230 aircraft, which is a mix of Airbus and Boeing long-haul and medium-range planes. 12 people injured after Qatar Airways plane hits turbulence on way to Dublin The Qatar Airways Group includes the airline, its cargo service, the country's airport operator and Qatar Duty Free. Its financial year runs from April 1 to March 31. The announcement follows long-haul carrier Emirates earlier this month saying that it earned annual profits of $5.2 billion, with the state-owned firm declaring itself the world’s most profitable airline.

U.S. President Donald Trump's tariff offensive has led European officials to cut back their growth forecasts for this year and next — even in a best-case scenario in which the highest rates on most goods could be negotiated away. The forecast for this year for the 20 countries that use the euro currency was cut to 0.9% from the previous forecast in November of 1.3%, the European Union's executive commission said Monday in its regular spring forecast. The forecast for 2026 was cut to 1.4% from 1.6%. One reason for the lower growth estimate was the stagnating economy in Germany, where growth is expected to be zero this year after two years of shrinking output. Germany's economy is heavily dependent on exports but has faced strong headwinds from higher energy costs after the loss of Russian natural gas due to the invasion of Ukraine as well from lack of pro-growth infrastructure spending and competition from China in autos and industrial machinery. Trump’s tariffs may mean Walmart shoppers pay more, his treasury chief acknowledges The proposal for a 20% U.S. tariff on imported goods from Europe in addition to its suspension for 90 days have meant uncertainty “not seen since the darkest days of the COVID-19 pandemic,” said Economy Commissioner Valdis Dombrovskis. He said the European economy remained “resilient” and that the jobs market remained robust, with the commission predicting a fall in unemployment to a record low 5.7% next year. And the risks are “tilted to the downside,” he said. One reason: The forecast assumes that the proposed 20% rate can be reduced through negotiations with Washington to the base tariff rate imposed on all countries of 10%. While the EU's top trade official, Maros Sefcovic, has spoken several times with administration officials it remains uncertain how willing Trump might be to reduce the rate. Trump warns Walmart: Don’t raise prices due to my tariffs but do eat the costs from those taxes The forecast assumed that 25% tariffs on steel and autos from all countries will remain in place, as would exemptions on computer chips and pharmaceuticals.

Trading at the stock markets in Dhaka and Chattogram began with a decline on the third working day of the week on Monday, as share prices of most listed companies fell. During the first half of the session, the benchmark index of the Dhaka Stock Exchange (DSE) dropped by 16 points. Of the other two indices, the Shariah-based DSES was down by 2 points. The DS30 index, which tracks blue-chip companies, also declined by 9 points. Out of the companies that participated in trading, share prices rose for 109, declined for 203, and remained unchanged for 77. The turnover on the DSE crossed Tk 130 crore during the first half of trading. A similar trend was observed at the Chattogram Stock Exchange (CSE), where the overall index fell by 23 points. Stocks close the week on downtrend Of the 108 companies that took part in trading at the CSE, 29 saw gains, 63 experienced losses, while prices of 16 companies remained unchanged. Shares and units worth over Tk 3 crore were traded at the CSE during the first half of the session.    

Treasury Secretary Scott Bessent admitted on Sunday that Walmart—the nation’s largest retailer—might pass some of the costs from President Donald Trump’s tariffs on to consumers by raising prices. Bessent’s comments followed a conversation with Walmart’s CEO, which came just one day after Trump warned the company against increasing prices and pledged to closely monitor its response to the tariffs. Trump warns Walmart: Don’t raise prices due to my tariffs but do eat the costs from those taxes Amid ongoing skepticism about Trump’s handling of the economy, Bessent dismissed inflation concerns, defended Trump’s unpredictability as a deliberate strategy in trade negotiations, and downplayed the U.S. credit downgrade issued by Moody’s Ratings on Friday. However, despite Trump’s insistence that Walmart and China would fully absorb the impact of the tariffs, the retailer seems unwilling to shoulder the full financial burden on its own. Bessent said he spoke Saturday with Walmart CEO Doug McMillon, stressing in two news show interviews that what he thought really mattered for Walmart customers was the decline in gasoline prices. Gas is averaging roughly $3.18 a gallon, down from a year ago but also higher over the past week, according to AAA. “Walmart will be absorbing some of the tariffs, some may get passed on to consumers,” Bessent said on CNN. “Overall, I would expect inflation to remain in line. But I don’t blame consumers for being skittish after what happened to them for years under Biden,” a reference to inflation hitting a four-decade high in June 2022 under then President Joe Biden as the recovery from the pandemic, government spending and the Russian invasion of Ukraine pushed up costs. Walmart did not comment on Bessent’s description of his conversation with McMillon. In a social media post on Saturday morning, Trump said Walmart should not charge its customers more money to offset the new tariff costs. “I’ll be watching, and so will your customers!!!” he posted. Bessent said Walmart on its earnings call on Thursday had been obligated under federal regulations “to give the worst-case scenario so that they’re not sued,” suggesting in an NBC interview that the price increases would not be severe in his view. But Walmart executives said last week that higher prices began to appear on their shelves in late April and accelerated this month. “We’re wired to keep prices low, but there’s a limit to what we can bear, or any retailer for that matter,” Chief Financial Officer John David Rainey told The Associated Press on Thursday. Share markets slump again, indices fall in Dhaka and Chattogram Bessent maintained that the ratings downgrade was a “lagging indicator” as the financial markets had already priced in the costs of a total federal debt of roughly $36 trillion. Still, the tax plan being pushed by Trump would add more roughly $3.3 trillion to deficits over the next decade, including a $600 billion increase in 2027 alone, according to the Committee for a Responsible Federal Budget. The treasury secretary maintained that deficits would not be a problem because the economy would grow faster than the debt accumulation, reducing its increase as a size of the overall economy. Most independent analysts are skeptical of the administration’s claims that it can achieve 3% average growth as Trump’s 2018 tax cuts failed to do so. Those tax cuts from Trump’s first term did boost economic growth before the pandemic, but they also raised the budget deficit relative to previous estimates by the Congressional Budget Office. On tariffs, the Trump administration is still trying to determine rates with roughly 40 major trading partners before a July deadline. It’s also in the early stages of a 90-day negotiation with China, after agreed a week ago to reset tariffs on that country from 145% to 30% so that talks can proceed. Bessent said any worries about tariffs by small business owners most likely reflected the higher rate previously being charged on China. Still, the uncertainty has been a major drag for consumers and businesses trying to make spending plans in the weeks, months and years ahead. “Strategic uncertainty is a negotiating tactic,” Bessent said. “So, if we were to give too much certainty to the other countries, then they would play us in the negotiations.” Bessent appeared on NBC’s “Meet the Press” and CNN’s “State of the Union.”          

All indices on both the Dhaka and Chattogram stock exchanges fell on the second trading day of the week on Sunday, with most participating companies witnessing a decline in share prices. At the Dhaka Stock Exchange (DSE), the benchmark index DSEX dropped by 29 points. The Shariah-based DSES index lost 6 points, while the blue-chip index DS30 declined by 8 points. Out of 400 companies that took part in the trading, most experienced a fall in prices. Prices rose for 102 companies, fell for 241, while 57 remained unchanged. Share prices dropped across all categories — A, B, and Z. In Category A, which includes companies known for paying dividends, 55 out of 221 saw price gains. Prices declined for 142, while 24 remained unchanged. The prices of most mutual funds also declined. Out of 36 funds, 29 recorded losses, only one advanced, and six remained unchanged. Market swings amid volatile trading at DSE and CSE In the DSE block market, shares worth Tk 9.25 crore were traded from 23 companies. DBH Finance topped the block trade chart, selling shares worth Tk 1.5 crore. The total turnover at the DSE stood at Tk 292 crore for the day, up from Tk 262 crore in the previous session. Sonargaon Textile emerged as the top gainer on the DSE with a 9.71 percent price increase, while First Bangladesh Fixed Income Fund dropped the most, losing over 9.76 percent. Indices Fall in Chattogram as Well Similar to Dhaka, indices also declined at the Chattogram Stock Exchange (CSE). The overall index at the CSE dropped by 78 points during the day's trading. Of the 236 companies that participated, 88 saw their prices rise, 118 declined, and 30 remained unchanged. The CSE reported a total turnover of Tk 10 crore, up from Tk 9.19 crore in the previous session. City Insurance topped the gainers’ list at the CSE with a 9.87 percent rise in price, while Bangladesh Lamps led the losers, shedding nearly 10 percent.

Commerce Adviser Sk Bashir Uddin on Sunday said the trade between Bangladesh and India will continue in the interest of consumers and businesses of both the countries. “We have not yet received any official communication from the Indian side. Once we do, we will take appropriate steps. If any issues arise, both sides will work to resolve them through discussions,” he told reporters at the Secretariat. Referring to media reports, the adviser said, “We’ve learned from social media and media outlets that India has taken certain decisions affecting specific land ports, including Akhaura and Dawki, as well as some border areas.” Asked if these developments might negatively impact Bangladesh’s exports, Bashir Uddin said, “Not everything we export is affected. A large portion of our exports comes from the garment sector. Our focus remains on achieving competitiveness. The trade is beneficial to both countries. India also has a strong textile industry, yet they import our products based on our capabilities.” He expressed optimism that the trade would continue, saying, “This is in the interest of consumers and production sectors on both sides.” Bangladesh now a unique example of growth and development: Commerce Adviser On the matter of India’s reported restrictions on transshipment and exports, the adviser remarked, “Transshipment hasn’t had any significant impact on us. We’ve managed the situation using our own capacity.” Regarding the potential impact on Indian businesses, Bashir Uddin said, “Certainly, there will be effects. Trade is a matter of competitiveness, including transport costs. Sometimes we impose bans on agricultural imports, and so does India. This is part of the regular trade management process. Any arising issues will be addressed through dialogue.” When asked whether Dhaka plans to hold discussions with New Delhi, he responded, “We will take all necessary measures, but as of now, we have not received any official notification.” Addressing whether bilateral ties have influenced these decisions, the adviser said, “My responsibility is trade, and I intend to remain focused on that… I strongly support open trade. For me, trade liberalisation and inclusion are essential to building the capacity of our businesses and consumers.” Canadian investors can benefit from investing in Mirsarai: Commerce Adviser On how Bangladesh plans to reduce its growing trade deficit with India, he said, “This is a long-term challenge. Trade deficits cannot be eliminated overnight. What we import from India is based on proximity and necessity, and they do the same. It’s largely shaped by natural factors. Our goal is to diversify and improve competitiveness to expand trade.”  

Bangladesh’s stock markets witnessed a day of fluctuating trading on the second working day of the week on Sunday, with early gains in indices giving way to declines later in the morning. Trading on the Dhaka Stock Exchange (DSE) began with a rise in indices, but after the first hour, the benchmark started to slide. Despite an initial surge in prices for most listed companies, the sudden drop in the index led to a volatile session for both the Dhaka and Chattogram bourses. During the first half of trading, the DSE's key index fell by 9 points. Among the other indices, the Shariah-based DSES also moved downward. The blue-chip DS30 index, which tracks select large-cap stocks, dropped by 3 points. Out of the 160 companies that participated in the morning trade on the DSE, share prices rose for 160, declined for 157, and remained unchanged for 78. Turnover at the DSE crossed Tk 160 crore during the first half of the session. Meanwhile, the Chattogram Stock Exchange (CSE) experienced a sharp downturn after an initial rally. Within the first two hours, the overall index at the CSE dropped by 82 points. Of the 177 companies that traded on the CSE, prices increased for 71, declined for 78, and stayed unchanged for 28. Share markets rebound sharply in both Dhaka, Chattogram The CSE recorded a turnover of over Tk 4 crore in shares and units during the first half of trading. The markets are currently navigating uncertainty as investors respond to short-term fluctuations and sentiment-driven movements.  

On Saturday, former President Donald Trump sharply criticized Walmart on social media, demanding that the company absorb the extra costs resulting from his tariffs. As Trump raised import duties, he sought to reassure a doubtful public by claiming that the burden would fall on foreign exporters, not American consumers, and that businesses like retailers and car manufacturers would shoulder any additional expenses. However, most economists have cast doubt on these assertions, warning that the tariffs could fuel higher inflation. Walmart itself cautioned on Thursday that the prices of a wide range of goods — from bananas to children’s car seats — could rise. Posting on Truth Social, Trump targeted the retail behemoth, which employs 1.6 million workers across the U.S. He argued that Walmart, headquartered in Bentonville, Arkansas, should be willing to reduce its profit margins to support his broader economic strategy, which he claims will eventually bring more manufacturing jobs back to the United States. “Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” Trump posted. “Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, “EAT THE TARIFFS,” and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!” The posting by the Republican president reflected the increasingly awkward series of choices that many major American companies face as a result of his tariffs, from deteriorating sales to the possibility of incurring Trump’s wrath. Trump has similarly warned domestic automakers to not raise their prices, even though outside analyses say his tariffs would raise production costs. So far, those tariffs have darkened the mood of an otherwise resilient U.S. economy. The preliminary reading of the University of Michigan survey of consumer sentiment on Friday slipped to its second lowest measure on record, with roughly 75% of respondents “spontaneously” mentioning tariffs as they largely expected inflation to accelerate. In April, Walmart CEO Doug McMillon was among the retail executives who met with Trump at the White House to discuss tariffs. But the Trump administration went forward despite warnings and has attacked other companies such as Amazon and Apple that are struggling with the disruptions to their supply chains. Walmart chief financial officer John David Rainey said he thinks $350 car seats made in China will soon cost an additional $100, a 29% price increase. Colombia seeks to join China-based development bank as Latin America drifts away from Washington “We’re wired to keep prices low, but there’s a limit to what we can bear, or any retailer for that matter,” he told The Associated Press on Thursday after the company reported strong first-quarter sales. The administration recently ratcheted down its 145% tariffs on China to 30% for a 90-day period. Trump has placed tariffs as high as 25% on Mexico and Canada due to illegal immigration and drug trafficking, harming the relationship with America’s two largest trading partners. There is a universal baseline tariff of 10% on most countries as Trump promises to reach trade deals in the coming weeks after having shocked the financial markets in early April by charging higher import taxes based on trade deficits with other countries. Trump insists he intends to preserve the tariffs as a revenue source and that a framework agreement with the United Kingdom would largely keep the 10% tariff rate in place. Trump has also placed import taxes on autos, steel and aluminum and plans to do so on pharmaceutical drugs, among other products. The tariffs and Trump’s own reversals on how much he should charge have generated uncertainty across the U.S. economy, such that Federal Reserve Chair Jerome Powell has held the central bank’s benchmark rates steady until there is more clarity. Powell has warned that tariffs can both hurt growth and raise prices.